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Thursday, November 24, 2011
Desert Home Sales Are Up in the Palm Springs Surrounding Cities
12:30 PM | 
Posted by
The Desert Real Estate Blog
Happy Thanksgiving!
Bargain hunters helped home sales rise 1.9 percent across the Coachella Valley in October compared to the same month a year ago, even as sales declined through the rest of the inland region.
About 735 homes sold in the valley last month, San Diego-based real estate information provider DataQuick reported.
Sales were particularly brisk in Indio, Palm Desert and Rancho Mirage.
Riverside County, meanwhile, saw 3,026 homes sell, a 7.3 percent drop from a year ago. About 2,300 homes sold — a 1.8 percent decline — in San Bernardino County.
About 54 percent of single-family home purchases and 45 percent of condo transactions in the valley were bank-owned or other distressed properties — down 6 percent from October 2010 — the California Desert Association of Realtors reported.
Greg Berkemer, executive vice president of the group, said as distressed properties continue to comprise a smaller share of sales, it's a sign the market is slowly stabilizing.
Just over half — 52.5 percent — of sales in Southern California were distressed properties, DataQuick reported. Nearly one out of three homes in the Southland that resold in October was a foreclosure, while about one in five was a short sale.
As many buyers sought bargain prices, Coachella Valley's median price — half sold for more, half for less — fell 8.5 percent to $166,000, DataQuick reported.
CDAR, which compiles home sales figures somewhat differently, reported the valley's median price at $179,975 in October, with the average sales price at $281,360.
The median price in Riverside County was $187,000 last month, down 5.6 percent from October 2010. The median price in San Bernardino County was $150,000, the same as August and September, and the same as a year ago.
The inland region's median sales price hit its lowest level since January, which analysts said was due in part to Fannie Mae, Freddie Mac and the Federal Housing Administration lowering loan limits as of Oct. 1 for government-backed mortgages.
Mike Perrault
The Desert Sun
Bargain hunters helped home sales rise 1.9 percent across the Coachella Valley in October compared to the same month a year ago, even as sales declined through the rest of the inland region.
About 735 homes sold in the valley last month, San Diego-based real estate information provider DataQuick reported.
Sales were particularly brisk in Indio, Palm Desert and Rancho Mirage.
Riverside County, meanwhile, saw 3,026 homes sell, a 7.3 percent drop from a year ago. About 2,300 homes sold — a 1.8 percent decline — in San Bernardino County.
About 54 percent of single-family home purchases and 45 percent of condo transactions in the valley were bank-owned or other distressed properties — down 6 percent from October 2010 — the California Desert Association of Realtors reported.
Greg Berkemer, executive vice president of the group, said as distressed properties continue to comprise a smaller share of sales, it's a sign the market is slowly stabilizing.
Just over half — 52.5 percent — of sales in Southern California were distressed properties, DataQuick reported. Nearly one out of three homes in the Southland that resold in October was a foreclosure, while about one in five was a short sale.
As many buyers sought bargain prices, Coachella Valley's median price — half sold for more, half for less — fell 8.5 percent to $166,000, DataQuick reported.
CDAR, which compiles home sales figures somewhat differently, reported the valley's median price at $179,975 in October, with the average sales price at $281,360.
The median price in Riverside County was $187,000 last month, down 5.6 percent from October 2010. The median price in San Bernardino County was $150,000, the same as August and September, and the same as a year ago.
The inland region's median sales price hit its lowest level since January, which analysts said was due in part to Fannie Mae, Freddie Mac and the Federal Housing Administration lowering loan limits as of Oct. 1 for government-backed mortgages.
Mike Perrault
The Desert Sun
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